A former Macau junket manager who allegedly embezzled almost HK$100 million (US$12.8 million) from a VIP room at peninsula casino L’Arc Macau in 2016 has had his assets, including two residences valued at MOP$7.6 million and shares in three companies, auctioned off by the Macao Court of First Instance.
According to past reports, Chan Yan Hung was the Vice President of VIP operations at L’Arc Macau and held a junket license from the DICJ before suddenly disappearing in January 2016.
The casino later alleged that Chan had embezzled HK$100 million and reported the case to the Macau police. The police investigated the case as fraud, but Chan was never tracked down.
However, the debts left behind by Chan were borne by his wife, and in May 2021 the Court of First Instance ruled that she was jointly liable for HK$20 million (US$2.6 million) of her husband’s debt, despite having already filed an application with the court for a division of property.
The Macau Lower Court recently announced the contents of the division of property, and the court will realize Chan’s assets on Wednesday 3 July, including two residential properties he held in Ocean Gardens, which were sold by the court for almost MOP$7.6 million (US$944,000), and another parking space in Ocean Gardens valued at MOP$1 million (US$124,160).
In addition, shares of three of his companies were also sold, although the total value of the sale was only MOP$20,047 (US$2,490).
Between 2014 and 2016, there were a number of cases in Macau concerning the defalcation of VIP rooms, including an infamous incident involving Dore Entertainment Company Limited. In 2021, the Court of Final Appeal of Macau ruled that Wynn Macau Ltd and Dore were jointly liable for stolen funds owed to a VIP customer.
Since Macau’s new Gaming Law and Gaming Junket Law came into effect in 2023, junkets have been subject to far greater restrictions than previously and are now restricted from entering into revenue share contracts with concessionaires or from lending or borrowing money.
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